Hello, ladies and gentlemen. Thank you for participating in the first quarter 2022 earnings conference call for FinVolution Group. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question-and-answer session. Today's conference call is being recorded. I will now turn the call over to your host, Jimmy Tan, Head of Investor Relations for the company. Jimmy, please go ahead.
Hello, everyone, and welcome to our first quarter 2022 earnings conference call. The company results were issued via newswire services earlier today and are posted online. You can download the earnings release and sign up for the company's email alerts by visiting the IR section of our website at ir.finvgroup.com. Mr. Feng Zhang, our Chief Executive Officer, and Mr. Jiayuan Xu, our Chief Financial Officer, will start the call with their prepared remarks and conclude with the Q&A session. During this call, we will be referring to several non-GAAP financial measures to review and assess our operating performance. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For information about these non-GAAP measures and reconciliation to GAAP measures, please refer to our earnings press release.
Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties are included in the company's filings with the US Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Finally, we post a slide presentation on our IR website providing details of our results for the quarter. I will now turn the call over to our CEO, Mr. Feng Zhang. Please go ahead, sir.
Thanks, Jimmy. Hello, everyone, and thank you for joining our earnings call. Due to the lockdown in Shanghai, our management team are dialing in from their homes, so please bear with us if we encounter any technical difficulties during the call. We're happy to speak with you today following the successful completion of another strong quarter against multiple headwinds. Since March 2022, Shanghai has been under lockdown due to the pandemic, and similar lockdowns have been imposed upon additional cities in recent weeks. Furthermore, other fluctuations affecting 2021's macro environment persisted through the first quarter of 2022 and have affected certain aspects of our business operations. However, our strong technological foundation and strategic transition towards better quality borrowers enable us to flexibly navigate challenges and deliver solid, consistent first quarter results, highlighted by our eighth consecutive quarter-over-quarter growth in total transaction volume.
In line with our expectation, we achieved record-setting total transaction volume of CNY 39.7 billion this quarter, representing a year-over-year increase of 48% and a sequential increase of 2%. Now, let me share some other major achievements for the first quarter. As we relentlessly and skillfully execute our strategy to acquire better quality of borrowers, transaction volume originated for new borrowers surged to CNY 6.4 billion, an increase of 14% year-over-year. Notably, our total outstanding loan balance also increased to CNY 53.8 billion as of March 31, 2022, representing an increase of 66% year-over-year, and 7% sequentially.
Thanks to our progressive shift towards better quality borrowers, our ever-evolving credit risk assessment and our self-developed proprietary technologies such as Platform Nine three-quarters, Americk Visualized, V-Merick Visualized Rules Engines, we have stabilized our risk metrics at remarkably low levels while continuously growing our transaction volume. Platform Nine three-quarters is an algorithm learning system which combines automatic model design, deployment, and management into a one-step platform that requires just 100 seconds to acquire relevant resources and implement new model for credit risk assessments, increasing our efficiency tremendously. Merack enables us to swiftly make efficient and appropriate adjustments on complex and iterative operating rules, saving us over 50% in both maintenance cost and time.
Supported by our cutting-edge technologies and a prudent management framework, our recent day one delinquency rate in the first quarter of 2022 further improved to 5.3% from 5.6% in the fourth quarter of 2021. However, since then, due to pandemic-related lockdowns, this metric has increased slightly to 5.5%, but still within expectations. As our loan collection team is largely based out of Shanghai and spread across several cities, our loan collection recovery rate in May remained strong at above 90%. Our delinquency rate below 90 days remained low at 1.56% compared to 1.61% in the previous quarter. Our vintage delinquency rates have remained stable for the past several quarters.
However, considering the impact of the COVID resurgence in China, we now expect our vintage delinquency for the first quarter to be around 2.4%. In the meantime, we will continue to closely monitor the risk performance of both existing and newly originated loans. The impact of the pandemic is manageable for us as we have been implementing preemptive measures, such as strategically reducing loan transactions in riskier regions and tightening the approval rate for sectors such as food and beverage, which have been badly affected by the prolonged lockdown. Our ongoing transition to better quality customers has been validated by the increased proportion of our category A and B borrowers, which accounted for 68% of our total borrowers in the first quarter, compared to just 50% in the same period last year.
Furthermore, the percentage of loans facilitated at or below IRR 24% increased to 84% in the first quarter, up from 78% in the previous quarter and from just 14% a year ago. On a separate note, for borrowers who lost their short-term repayment capabilities due to COVID, our customer service team is providing additional assistance for them to help them tide over this difficult period. We are confident that our industry-leading digital capabilities and in-house developed technologies will empower us to overcome this challenging period while achieving regulatory compliance. While sustaining our strong growth trajectory over the quarter, we also advanced our strategy to optimize our overall funding structure. As we continue to augment and refine our mix of funding partners, we have diversified our platform with funding sources while ensuring they remain stable, secure and ample.
To date, we have cumulatively cooperated with over 60 financial institutions across different provinces and continue to cultivate a robust funding pipeline. Alongside our substantial progress in our consumer finance business, we also maintain a solid growth momentum in our operations aimed at empowering small business owners. During the quarter, we served over 507,000 small business owners across multiple sectors such as retail, wholesale and service industries, among others, representing an increase of 66% from the same period last year. While the settlement's transaction volume increased 123% year-over-year to a record high of CNY 9.8 billion, contributing 25% of total transaction volume for the quarter. Our dedication to providing small business finance is strongly aligned with the government's objective of promoting quality financing access for SMEs, especially in the aftermath of the global pandemic.
Going forward, we will remain focused on our efforts to assist the small business, reaffirming FinVolution's commitment as a responsible corporate citizen. Turning now to our international expansion, which continues to gain traction as with our domestic business to enhance our business stability. We have strategically implemented multiple measures such as the transition to better quality borrowers, improving our product mix, offering attractive interest rates, and expanding our partner base in the international markets. This approach is bearing fruit. The proportion of better quality borrowers increased to 54% in the first quarter of 2022 from 28% in the same period last year. With the transition to better quality borrowers, we have also further strengthened our institutional funding base in the region, and we are confident of securing additional funding as our business grows.
With the COVID-19 situation largely under control in Southeast Asia, our transaction volume reached CNY 0.86 billion in our international markets during the first quarter of 2022, representing an increase of 13% year-over-year. Of particular note, outstanding loan balance for our international markets totaled CNY 0.36 billion, representing an increase of 44% year-over-year and 9% sequentially. We will continue to cultivate our partnerships with different players in the region and introduce new products and services to improve our offering mix. We are confident that these efforts will support our goal of becoming one of the leading players in the region. Last but not least, I'd like to provide an update on our ESG performance, which is an important part of our growth and long-term value creation philosophy.
This quarter's lockdown in Shanghai presented enormous challenges as well as opportunities for our team to develop effective ESG solutions. I'm incredibly proud to report that our entire organization stepped up to meet and overcome these challenges with creativity, determination, and grace. Our IT department quickly provided systems and software solutions to allow our employees to work from home to minimize work disruptions. Our procurement team and administrative team are working relentlessly to obtain supplies and provide ongoing assistance for our employees and partners who are immobilized by the lockdown. On a community level, to assist local authorities, our IT department developed a notification system to provide timely pandemic-related updates for residents in certain areas. Our employees also procured food supplies for volunteers stationed in the Songjiang District.
Finally, we reported last quarter that we received a low-risk ESG rating from Sustainalytics, a leading independent global provider in ESG research, ratings, and data. Additional independent platforms such as Definitive and ESG Enterprise have also included us in their ratings, providing our stakeholders with even greater insight into our ESG goals and accomplishments. We firmly believe that our long-term strategic plan, including financial, technological, and ESG goals, will lead FinVolution to its next phase of growth and prosperity. As always, our efforts are inspired by our mission of leveraging innovative tech to make financial services better. In summary, our excellent performance in the first quarter of 2022 underscores our strength and stability, as well as our team's ability to overcome any challenges.
Taken together, our high quality customer base, outstanding credit risk management system, and a strong overall execution form a firm foundation that will empower us to drive sustainable and quality growth in the long run, and further strengthen our leadership position in the industry. Going forward, we will remain dedicated to acquire better quality customers, both domestically and internationally, while leveraging our technological capabilities to further refine our credit risk assessment and management framework to optimize our product mix. With these advantages, we believe that we are well-positioned to capitalize on the massive opportunities ahead, and create great value for our customers, shareholders, and all of our stakeholders. With that, I will now turn the call over to our CFO, Jiayuan Xu, who will discuss our financial results for the quarter.
Thank you, Feng Zhang, and hello, everyone. Welcome to our first quarter 2022 earnings call. In the interest of time, I will not go through all of the financial line items on this call. Please refer to our earnings release for further details. As Feng Zhang mentioned, we are encouraged that despite multiple challenges in the first quarter, we still achieved quarterly transaction volume goals for the eighth consecutive quarter, while maintaining our risk metrics at a relatively stable level. Our transition to better quality borrowers, coupled with strengthened relationships with funding partners and a consistent technological enhancement. The loan approval rates for our funding partners rose to 17.6% in March compared to 16.2% in the same period last year. Our pipeline of potential partners remains strong, and we are confident to achieve meaningful improvement in our funding costs in the near future.
Driven by our consistent efforts in research and development, we have continuously enhanced our chain of technologies throughout our business operations, including customer acquisition and credit risk assessment, among other areas. These efforts have been validated by multiple improvements across our operational metrics. Leveraging these strengths, our net revenues for the fourth quarter rose to CNY 2.4 billion, an increase of 16% year-over-year. Even more encouragingly, we also delivered a strong non-GAAP operating profit of CNY 602 million, and maintained a substantial balance sheet with CNY 10.8 billion in total shareholders' equity. During the first quarter, our average borrowing cost remained stable at around 24.3% compared with 26.7% in the same period last year.
Of particular note, nearly all loans originated for our new borrowers are under 24%, reflecting our ongoing commitment to financial inclusion and our growing ability to align with regulatory directives. We maintained our take rate for the quarter at a stable pace of 3.9%. Together with our partners' support and our consistent efforts in optimizing operating efficiency, we are confident that we can continue to deliver solid results going forward. With the population of our capital light model stabilizing at around 21%, our leverage ratio, which is defined as risk-bearing loan balance divided by shareholders equity, remained stable at 4.1x . Our unrestricted cash and short-term liquidity position increased to CNY 6.3 billion, compared with CNY 5.6 billion in the previous quarter, representing a sequential increase of 13%, further demonstrating the robustness of our balance sheet.
During the first quarter, we continued to target higher quality borrowers, both in the domestic and international markets, with attractive borrowing rates as part of our ongoing strategic transition. Our customer acquisition channels remained diversified across online and offline sources, ranging from online information feeds, international search engines, and mobile app stores, to customer referrals and our strong offline direct sales team, supporting a healthy and stable customer acquisition cost. Apart from our annual dividend policy, we have also been returning value to our shareholders in the form of share repurchase. Between January 2022 and April 2022, we deployed about $15 million to buy back our shares in the public market. Since we initiated our share repurchase program in 2018, we have cumulatively deployed $147 million, representing 81% of our total share repurchase program.
Before I conclude my remarks, let me provide some additional color on our business outlook for 2022. Despite the recurring COVID-19 lockdown in parts of China and a more challenging macro environment, we are still confident that our business operations will continue to gain momentum both domestically and internationally. As a result, we now expect our transaction volume in the second quarter to be in the range of CNY 40 billion-CNY 41 billion, representing an increase of around 20%-23% year-over-year. Based on our current assessment, I would like to reiterate our full year guidance for 2022 remain unchanged. With that, I will conclude my prepared remarks. We will now open the call to the questions. Operator, please continue.
Thank you. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, we ask that you please kindly repeat your question in English. At this time, we will pause momentarily to assemble our roster. Our first question will come from Yada Li with CICC. Please go ahead.
好的，谢谢管理层给我这个提问的机会。我是中金公司的李亚达，今天有两个问题想向管理层进一步请教一下。第一个是关于资金端，我们去年的四季度，因为资金供给这边有一些问题，可能资金成本有所上涨，那当前这个资金端，资金成本这边是否我们已经实现了一定的优化，那怎么去看待未来资金成本方面的变化？第二个问题是关于我们国际业务的进展，能否再详细跟我们讲一下目前关于我们科创上浮的策略，包括整体业务发展的情况，是否有整体的更新。
Okay, I'll do the translation part. The first one is on the funding side. Due to the limited supply, our funding costs actually increased in the fourth quarter last year. Is there any improvement this quarter, and what can we expect to see and what is the trend of the funding cost in the future? The second one is about our international business. Could you please elaborate more on the progress of our product development and also on the optimization of our client base?
谢谢亚达。第一个问题是关于我们的资金成本。我们在一季度，我们的all-in的资金成本大概是在7.8。确实今年我们会看到一个非常明显的趋势，就是市场上对于比较优质的资产，还是在市场上是非常受到欢迎的。公司在这方面其实也做了非常多的工作，而且也取得了非常不错的一些进展。那我们预计，就是今年后面几个季度，在资金成本这一块，会出现一个比较明显的下降的趋势。我们预计在年内，我们这个资金成本可能会有30到50个BP这样的一个下降的空间。那除了成本这一块，我觉得我们刚才也提到，就是我们在跟机构的合作当中，我们的通过率也是得到了显著的改善。虽然这个指标并不是一个特别显著的财务性指标，但是从我们整个运营效率上来讲，这个指标非常重要。那这个指标从原来的60左右，我们现在已经提到了76，那这个对我们的运营效率帮助也是非常大的。所以总的经验来看，就是我们跟机构的合作，相比以前会有很大的一个提升。 Yada, this is Jimmy, let me do the translation for you. Our all-in funding cost in the first quarter was around 7.8%. Going forward, the industry will see a significant demand for better quality borrowers this year. And during the next few quarters, we are very confident that our funding costs will improve by between 30 to 50 bps. Apart from the funding cost trend, we also see that our approval rate from our funding partners has been improved greatly, and this has actually greatly improved our operating efficiency. This metric actually improved from 60% to 76% on a year-on-year basis. 对，然后第二个问题是关于我们的国际化业务情况。我们从去年三季度，其实也已经跟大家分享过，我们在东南亚的业务，我们从去年下半年开始做转型，我们的目标是做更好的销售人群。那这点因为是我们在国内也经历过，所以这是一个非常重要的可持续的业务战略。我们计划今年以这个转型为主要目标，来制定整个今年全年的计划。那从整个一季度情况来讲，整体的转型的结果是明显好于预期的。大家也可以看到这个数据，我们这个国际的成交量，从去年一季度的7.6亿增长13%到现在的8.6亿。那贷款从去年的2.5亿，增长了44%到3.6亿。同时，我们整个优质人群的占比，它的含金量其实也有非常明显的提升。我们的优质客户，从一季度的不到30%的占比，在本季度已经超过了50%。另外一个也可以看到，就是我们这个产品的分类上，我们分期的产品，分期其实代表就是更优质用户，那这个占比从去年同期的22%，已经提升到了这个季度的55%。所以这些指标其实都能反映，我们整个国际业务在取得增长的同时，我们的客户的质量，我们的业务的质量，得到了一个非常显著的提升。
Yeah, Yada Li is Jiayuan again. Let me do the translation for you. For our international business during the second half of 2021, we have been transitioning to better quality borrowers, just like what we have been doing in China. We have actually experienced better than expected progress in the transition to better quality borrowers. You can actually see that on a year-over-year basis, our transaction volume grew by 13% from CNY 760 million- CNY 860 million. Of particular note, our outstanding loan balance grew by 44% from CNY 250 million- CNY 360 million. At the same time, the proportion of our better quality customers also experienced improvement and grew to 54% in the first quarter of 2022 from just 28% in the same period last year. Lastly, you can also see that from the proportion of our installment loans. This proportion actually grew to 55% in the first quarter from 22% in the same period last year.
好，要得。看看你还有其他 follow up 的问题吗？
好的，非常谢谢，谢谢各位领导。我这边没有其他的问题了。谢谢。
谢谢。
Our next question will come from Frank Zheng with Credit Suisse. Please go ahead.
感谢管理层给我提问的机会。我有两个很快的问题，首先第一个是关于这个 credit quality 的，我们看到 90 day+ 这个逾期率在一Q还是有一些上升，那能否请管理层给我们更多的这个第二季度到目前为止的一些早期的风险指标的情况，以及对于这个最近几个月我们看到的这个 COVID 的情况，公司做了哪些调整，去更好地控制这个风险的水平。另外呢，也想请管理层给我们这个就是四五月份以来，以及包括进入下半年的话，如果我们逐渐从这个疫情当中恢复，那这个风险的水平会有怎么样的一个展望？第二个问题是一个很快的 follow up 关于这个国际市场的。今年我们对国际市场的增速，包括交易量以及它的利润的贡献，有一个怎么样的期待？谢谢。
Let me quickly introduce myself. Thank you management for giving me the opportunity to ask questions. I have two questions. The first is on credit quality. We see that 90-day-plus delinquency continues to rise slightly in the first quarter. Can management give more color on early risk indicators in second quarter to date? What kind of adjustments has the company done for better risk management? What's your outlook going forward for the second quarter as well as the second half of this year as we gradually recover from COVID? My second question is a quick follow up on the international markets. For international markets, what kind of growth in terms of volume and earnings contributions should we expect for this year? Thank you.
好，谢谢Frank。我先回答一下那个就风险相关的问题，因为整个这个疫情的影响应该是大家特别关心的。我们刚才其实也分享了一些我们风险相关的一些数据。从我们一季度的这个邻居的表现来看，我们差不多是在2.4，那相比过去2.3，大概是会有一个5%左右的这样的一个波动。那对于存量的这些资产，我们觉得大概这个波动大概是在5%到10%。所以我们总体的一个portfolio，从整体觉最终的逾期率角度来看，我们觉得应该是能够控制在2.5%以内。那这个，我们也跟就是2020年，这个武汉的疫情，也是做了一个同期的一个比较，我们是觉得就是在相同的时间点，其实我们整体的一个波动情况相比2020年其实还是好了不少的。因为2020年的时候，我们的这个风险波动是超过了10%。那这里主要的一个原因就是我们优质人群的这个占比，这个策略其实还是起到了非常明显的一个效果。这个优质人群我们也是从去年同期的50%增长到现在的接近70%。所以从目前来看，就是我们的总体风险表现，虽然受到一定影响，但是整体也已经控制住了。从我们这个比较近的这个比如说day one delinquency rate的这指标来看，我们现在，就去年Q4的话，大概是5.6，那这个最新的话，我们大概是5.5左右，所以基本上还是比较稳定的。然后一到三十天的回款率，我们一直保持在90%左右，90%以上，所以也是非常稳定的。所以总体来讲，就是我们通过自己的这个风险策略的调整，或]客节奏的调整，其实总体风险的这个质量已经得到了这个有效的一个控制。
Hi friend, this is Jimmy, let me do the translation for Alex. OK, I know the market is very concerned about the impact of the pandemic, and we have also shared our big credit big data earlier, for example, our vintage delinquency in the first quarter is around 2.4%, and this is about 5% fluctuation compared to the previous several quarters. On an existing loan balance, the credit performance is expected to increase by another by 5%-10%. If you compare the situation today with the Wuhan lockdown back in 2020, the situation today is actually a lot better because the fluctuation back then was more than 10%. This is because of the transition to better quality borrowers which strategy we have been adopting over the last few years. If you take a look today, the proportion of our better quality borrowers in China actually in the first quarter was around 70% compared to around 50% back then. Let me now talk about our early day delinquency metrics. Our day one delinquency was about 5.3% in the first quarter versus 5.6% in the previous quarter. However, due to the impact of the pandemic, our day one delinquency increased to 5.5% in May, which is still within our estimation.
关于我们自己国际化的发展情况，就我刚才也提到，就是我们去年在看今年这个国际化业务，我们其实没有定一个特别aggressive的目标，因为我们的重心是放在做这样的一个业务的转型。那从现在目前的这个进展来看，确实就是转型的效果是好于预期的。所以我们现在也是在重新审视我们的业务节奏。所以现在关于具体数字可能还太早了一些，我们可以在后面几个季度，再来分享一下这个关于增长、利润方面的情况。但是非常确定一点就是，我们特别看好国际化的这个业务，而且国际化的业务，这个也不像国内，会受到这个疫情的影响，所以我们会非常坚决地加大在国际上的投入。
Hi friend, let me do the translation again. For our international business, right, we didn't set an aggressive loan volume growth target because our strategy this year is to transition to better quality borrowers. Based on the current data, the transition progress is better than expectation. We are very strong, we have a very strong confidence that our growth momentum for our international business will continue in the second half of the year. Also this is able to diversify away from the risks that we face in China, like the lockdown in different cities in China.
好，看看你还有什么其他问题吧。
好的，非常感谢。谢谢。
好，谢谢。
The next question will come from Alex Ye with UBS. Please go ahead.
早上好，感谢给我这次提问的机会。我这边两个问题，第一个关于这个定价的，我们看到Q1的这个平均定价是24.3，那跟上个季度是持平的。我就想请问，那我们接下来就是六月这个deadline之后，Q2我们这个定价是不是会继续往下走，还是说还会保持平稳？那后续是不是会100%的贷款都在24%定价以内？然后相关的是说对于这个take rate的一个implication，然后我们预期全年的一个take rate跟Q1的比较是怎么样的。第二个问题是关于我们目前从这边看到的整体的这个贷款的申请量的一个情况，跟去年同期相比，有没有一个明显的下降？因为可能这个会不会由于这个疫情的反复，然后封城，导致这些消费者的预期可能会变差，然后整体变得更保守，那即便后续解封了，他们可能也不太愿意借钱，导致比如说我们的这个addressable market会不会受到影响。So I have two questions.
First one is on the pricing. We have an average loan price of 24.3% in Q1, which is spread from our previous quarter. As we are approaching the June deadline for the 24% cap, what's the plan ahead on complying to that? What's the outlook on pricing? What is the implication on your take rate? How do you expect your full year take rate to trend compared to Q1? My second question is on your loan application. How does your overall loan application compare to the same period last year? Do you see a visible decline?
Are you concerned that due to the on and off COVID resurgence, which could lead to the borrowers becoming more conservative in their borrowing behaviors, and how would that affect your future growth prospect? Thank you.
好，谢谢，Alex。第一个关于定价，我们一季度是24.3。我们应该说，是从去年四季度，我们就应对这个监管24的要求，我们已经完全准备好了。因为去年四季度我们差不多总体的占比已经达到了接近80%。那一季度呢，我们这块是已经达到了84%。对，所以这个我们已经，从业务策略、客户的储备，包括一些财务的影响，其实我们已经都已经ready。那从这个策略上讲呢，我们还是在定价方面希望保证，保持一定的灵活性和弹性。所以对于今年总体的展望呢，因为包括我们也会结合我们的机构的一些反馈、市场的一些需求，我们现在来看呢，就是整个的定价，今年应该还是会相对比较平稳。所以今年我们预估，可能下半年这个总体的定价平均大概也就是在24左右。对，所以这是定价的我们现在预估的一个情况。然后take rate我们一季度是3.9。那后面几个季度呢，我们觉得，一方面就是我们的资金成本，会有不断的优化。当然短期内就是这个风险，就刚才介绍就是会有些短期的波动。所以考虑这些因素以后，我们觉得今年总体的这个take rate大概是在差不多能保持在这样一定的水平。
Oh, Alex, this is Jimmy. Let me do the translation. Oh, sorry.
Our pricing in the first quarter was 24.3%. Please bear in mind that in the fourth quarter of last year, our proportion of loans under IRR 24 was 80%, and during the first quarter of 2021, this proportion further increased to 84%. We believe we are ready in terms of customer preparation, financial preparation, and regulatory compliance preparation. Going forward, right, we will maintain certain flexibility on pricing, and we believe that in the second half of the year our pricing will still be around 24%. Our take rate in the first quarter was around 3.9%. As we have stated earlier, we expect funding costs will improve in the second half of the year, but as our rate has also some fluctuation, this will be offset and our take rate will likely be maintained at this level.
Alex，我那个刚才因为这个信号不太好，是不是还有另外一个问题啊，有一段我没听特别清楚，你是不是可以再重复一下。
好的，就是关于我们这边看到的借款人的贷款申请量跟去年同比有没有一个明显的下降，就是会不会因为这些疫情的反复嘛，然后有时候会封城，导致消费者他对于工作或者收入的预期变差，那他借款的行为也变得更保守。所以对，之后可能我们这个just super market会不会有一定的影响。
对，就这个确实是有些影响，我们会去看像我们这个APP的用户的活跃度、发帖量，但就说影响不大。我们现在从这个数据上来看，这个影响应该是小于5%的。对，然后从未来来看呢，我们还是，因为现在你也看到嘛，就是国家其实也出台了蛮多比较积极的这个政策，那这些政策其实也非常明确，其实就是要这个恢复消费者的信心。所以对这一块呢，我们也是持一个谨慎乐观的态度，来观察一下，就是他们对于这个具体的效果会是怎么样。
Alex, let me do the translation. There is some impact on our activity, as it has some fluctuations, but this impact is less than 5%. We also notice that China has introduced positive policies and measures to boost consumer confidence, and thus, we are adopting a cautiously optimistic attitude going forward.
好的，Alex，看看还有其他问题吗？
好 的 ， 我 没 有 问 题 了 。Thank you. That's all for me。
Thank you, Alex.
As there are no further questions, now I'd like to turn the call back over to the company for closing remarks.
Hello, everyone. Thank you once again for joining us today. If you have any further questions, please feel free to contact FinVolution's investor relations team. Thank you so much.
This concludes this conference call. You may now disconnect your line. Thank you.